FLEXIBLE SPENDING ACCOUNTS

You can reduce your taxable income and pay for necessary expenses in a way that saves you money! LMI's Flexible Spending Account program is a valuable benefit that allows participants to use pre-tax dollars to pay for many medical expenses not covered under health insurance plans, as well as dependent care expenses, according to IRS guidelines. And you get a boost on this benefit: LMI contributes $500 for each employee to use in either FSA account at the beginning of each year. Employees may supplement this employer contribution by electing to defer their own income up to annual ceiling amounts of $5,000 each in health and dependent care FSAs. This benefit can result in significant tax savings to employees who use the plan to maximum allowances.